Aker BP (Buy, TP: NOK280.00) - Set for operating tailwinds in 2025
Aker BP reported Q4 EBITDA slightly above our forecast and consensus. For 2025, the production was guided at 390–420kboed, capturing our estimate of 418kboed and consensus of 407kboed, while capex for 2025 edged slightly higher than expected. Still, we find Aker BP attractively valued, trading at a P/NAV of ~0.95x and a dividend yield of 11%, with dividends set to grow by 5% YOY over the few next years. We reiterate our BUY and NOK280 target price.Aker BP ASA engages in the exploration, development, and production of petroleum resources on the Norwegian Shelf. In addition, Co. has a separate Johan Sverdrup business unit to manage its interest.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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